Mortgage delinquencies rise in second quarter

CHICAGO (MarketWatch) -- Mortgage delinquencies rose in the second quarter to a seasonally adjusted rate of 7.58% of all mortgages, up from 7.4% in the first quarter, the Mortgage Bankers Association reported on Thursday. Delinquencies include mortgages that are at least one payment past due but not yet in the foreclosure process. "Mortgage delinquencies were up only slightly over the last quarter," said Jay Brinkmann, MBA's chief economist, in a news release. "Perhaps more important than the small size of the increase, however, is the fact that it reversed the trend of fairly steady drops in delinquencies we have seen over the last year. This is consistent with the slowdown in the economy during the first half of the year and our stubbornly high unemployment rate." The percentage of mortgages entering the foreclosure process was 0.96% in the second quarter, unchanged from last quarter. And the percentage of mortgages somewhere in the foreclosure process was 4.27% in the second quarter, down from 4.39% in the first quarter. The MBA survey covers about 88% of all first-lien residential mortgages outstanding in the United States.

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